JLL places $49.75M Forbright Bank bridge loan on Thousand Oaks campus
Alta West Partners bought Lakeview Innovation Center at 50% leased in September 2024 and has since filled the property, according to Connect CRE.
At a glance
Alta West Partners bought Lakeview Innovation Center at 50% leased in September 2024 and has since filled the property, according to Connect CRE.
JLL's Capital Markets group arranged $49.75 million of three-year, floating-rate bridge financing with Forbright Bank for Lakeview Innovation Center, a roughly 275,000-square-foot R&D and office campus in Thousand Oaks, Connect CRE reported.
The debt advisory team representing the borrower was led by senior managing directors Jeff Sause and Marc Schillinger and directors Josh Blank and Alex Olson, with associate Jalynn Borders and analyst Danny Ryan.
JLL's Capital Markets group arranged $49.75 million of three-year, floating-rate bridge financing with Forbright Bank for Lakeview Innovation Center, a roughly 275,000-square-foot R&D and office campus in Thousand Oaks, Connect CRE reported.
The borrower is Alta West Partners. The sponsor acquired the campus as a value-add investment at 50% leased in September 2024 and brought the property to full occupancy over the past 24 months, according to Connect CRE.
The debt advisory team representing the borrower was led by senior managing directors Jeff Sause and Marc Schillinger and directors Josh Blank and Alex Olson, with associate Jalynn Borders and analyst Danny Ryan. On roughly 275,000 square feet, the loan works out to about $181 per square foot.
"This execution is the result of the amazing transformation Alta West has achieved at this asset," Blank said in the report. "They recognized the potential and have delivered significant value creation by securing long-term deals with high-caliber tenants that raise the profile of the asset."
| Party | Role | Detail |
|---|---|---|
| JLL Capital Markets | Arranger, borrower side | Debt advisory team of six |
| Forbright Bank | Lender | $49.75 million |
| Alta West Partners | Borrower / sponsor | Acquired Sept. 2024 at 50% leased |
| Lakeview Innovation Center | Collateral | ~275,000 sf, R&D and office, 100% leased |
| Loan terms | Financing | Three-year, floating rate |
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